HOW MUCH SHOULD I PUT DOWN TO START A SECURED CREDIT CARD?!

[JayBee_3]

I was thinking of getting a secured visa through Cap1 for $500 and a secured AMEX for $500 through USAA. Any thoughts on whether or not to just get one for $1000 or get both at $500 limits. Will a $500 card hurt my credit?  I currently don't have any credit cards nor have I ever.

[jamie123]

Two cards would be much better. You will have twice as many cards reporting.

You can add to your deposits at a later date to increase your credit lines. I would suggest starting both cards at $500 and then add $500 to one of them when you can afford to.

Secured cards take on average 3 to 4 weeks to actually get in hand after you apply. I don't know why it takes that long but it does.

You scores will start to climb as soon as these cards start reporting. Once you have three months of statements reporting paid you should then apply for a Walmart credit card. You need to have at least 3 credit cards reporting to maximize your scores.

[Legions36]

Umm can u tell me what site to go too in order to get that Amex secured?

[apandabear]

USAA has a secured Amex, but it is only available to full members. You have to have some relation to the military (self, parent, sibling, roommate, something like that) to be a full member. 

[JayBee_3]

@Jamie123 Thanks so much for your input...Is the walmart card tough to get? I am gonna keep both CC under 30% at all times and paid to $0 balance at every due date.  But, I don't wanna apply for something and be denied, and have that hard inquiry on my CR. 

[JayBee_3]

Anyone(you don't have to have any affiliation to military) can BANK with USAA now, so you can get CC's through them and they have the secured AMEX.  You just can get insurance and other services through them. 

[Wolf3]

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@JayBee_3 wrote:

@jamie123 Thanks so much for your input...Is the walmart card tough to get? I am gonna keep both CC under 30% at all times and paid to $0 balance at every due date.  But, I don't wanna apply for something and be denied, and have that hard inquiry on my CR. 

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Two secured cards is a great start.   $500 is good but if you can afford it, add more deposit later, the more the better.    There is no need to keep the secured card under 30%, but I suggest you take them under 10% when it is time for more CC applications.

I would not apply for any other cards until you have over 6 months of reported history. 

[injustifiiable]

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@JayBee_3 wrote:

Anyone(you don't have to have any affiliation to military) can BANK with USAA now, so you can get CC's through them and they have the secured AMEX.  You just can get insurance and other services through them. 

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The USAA AMEX's (secured or unsecured) aren't available to partial members, only a couple MasterCards. I joined USAA as a partial member thinking the same thing and you cannot access that application while logged in.

[JayBee_3]

I called USAA Credit Card department and the CSR stated that they did allow for partial members to apply for the Secured AMEX; although like other CSR's I've dealt with she may have been mistaken.  Thank you for clearing it up though.  The only thing about the Secured Amex through USAA is that is has no direct affiliation with Amex itself, so it doesn't help me one way or the other in getting a non secured Amex later on down the road, but I'm still excited about rebuilding my credit and having the option to get an unsecured Amex once I boost my scores.

[JayBee_3]

@Wolf3 Thanks for the info...would it help my potential credit limits later on if I kept raising my limit on the cards and not applying for other for about a year?